Principality Building Society to pay retention proc fees

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Principality Building Society intends to introduce retention procuration fees later this year.

The lender says it will pay a fee of 0.20 per cent to brokers once it has finished upgrading its systems.

Principality Building Society head of regulated sales and intermediaries Shaun Middleton says: “As part of our ongoing commitment to our broker partnerships and the intermediary market in general, we’re pleased to confirm that we will be paying a retention procuration fee of 0.20 per cent.

“We’re making these changes to reflect the work done by brokers in cases where a product switch, rather than a re-mortgage, is the best advice for the customer. We are currently developing the system functionality to allow for this launch.”